Things are tough out there, financially and commercially speaking. Many of us are on the coal face, working hard, and not striking gold.

Starbucks is selling fewer coffees and Heineken is selling fewer beers, McDonalds is struggling, music festivals aren’t financially viable, fun-boy-toys aren’t selling as well as they used to, Country Road is moving less duffel bags, while Mimco, Trenery, Witchery and Politix are all selling less rags, meanwhile all of Australia’s media companies are generally making less money – some 69% less – because they’re selling less ads. Wall Street is down, down, and although BWS and Dan Murphy’s sales are up, profits are way down.

JB Hifi suffered a 20% drop in earnings at the start of the year but they’ve made some changes to the way they run and they’re back in black. Even Telstra – although they’re still profitable – has copped a 13% drop in profits but they’re rising prices regardless.

Doing some SEO research this week while I was relaxing in the Joshua Tree desert – yes, I relax weirdly – I found the number one organic result for a celebrant-related search term has their Google Calendar live-linked from their website, which is fine but weird, and for someone ranking number one on Google their booking calendar is empty. They have like 2 weddings over the summer. First on google, last in bookings.

It’s a weird time to be in the wedding business.

So what am I doing? Here’s my priority list for survival in this time, feel free to steal it, adapt it, make it better, make it yours.

  1. Refining the Core Offer: Successful small businesses typically refine their core offerings to better align with market needs. Rather than spreading themselves thin, they concentrate on what they do best, ensuring the highest profitability from key services or products. I’m looking into packaging complementary services or products that can increase perceived value without significantly increasing costs, helping maximise revenue per transaction.
  2. Cost Management and Efficiency: Tightening up on unnecessary expenditures (e.g., office space, non-critical software subscriptions, luxury purchases) can provide more breathing room for a difficult season. Investing in automation and AI, where possible, has helped me streamline operations and reduce reliance on manual labour, cutting costs while maintaining or improving output.
  3. Diversifying Revenue Streams: Adding services that are low-cost but highly profitable can create new revenue streams. For instance, you could start offering digital content creation packages (photography, video, social media strategy), which can be sold alongside core services. Businesses can also thrive by expanding their digital presence. Whether through e-commerce, offering virtual consultations, or moving events and classes online, going digital can open new customer bases.
  4. Strategic Marketing and SEO: Investing in smart, highly targeted marketing rather than blanket campaigns has historically provided a better return on investment. Focusing on ultra local SEO and niche audiences helps us reach the most relevant couples efficiently. Creating marketing campaigns that address immediate customer pain points in the current market while positioning services or products for the next season can keep a business top-of-mind without overspending.
  5. Collaborations and Partnerships: Partnering with complementary small businesses for promotions or packages is a powerful strategy. For instance, a celebrant business might partner with local photographers, venues, and florists to create comprehensive wedding packages that offer a full solution to couples. Historical data shows that businesses that collaborate during slow periods often strengthen their networks, opening up new client bases and lowering customer acquisition costs.
  6. Diversifying Client Segments: When the primary market segment shrinks, some businesses look for opportunities in adjacent or underserved markets. In the wedding industry, this could mean marketing to smaller, intimate ceremonies or elopements instead of large events during tough economic periods. In tough times, offering budget-friendly options without sacrificing quality helps maintain a customer base. This might involve scaled-down versions of services or product bundles aimed at cost-conscious consumers.
  7. Preparing for Post-Recession Demand: History shows that businesses that prepare for a market rebound, whether by training, streamlining processes, or expanding offerings, are well-positioned to take advantage when demand returns.
  8. Building a Flexible Business Model: A flexible business model that can pivot based on market needs has been a historical key to success. This could mean being ready to adjust pricing, adding remote services, or expanding into new markets.
  9. Price Yourself Up: Take a cue from Telstra and don’t discount yourself, but price yourself up – at least in line with inflation – so as the market turns you’re in a better position. It might well be that you provide lower cost products or services, but don’t reduce your value or your worth at the same time.

Small businesses that survive tough markets typically take proactive, thoughtful steps like these.

The businesses that do best don’t just wait for the market to recover—they actively position themselves for future profitability by focusing on efficiency, relationships, and customer-centricity.

Seth Godin writes in the Harvard Business Review this week:

A strategy, on the other hand, comes with the motto: “This might not work.” Strategy is a philosophy of becoming, a chance to create the conditions to enable the change we seek to make in the world.

Godspeed, friends.